The total deposits, including unrestricted investment accounts, reached $58 million, while the finance and investment portfolio amounted to $55 million through the establishment of a high quality portfolio of Islamic financial products, and investments through Wakala agencies and Mudaraba reached $32 million.
The banks started its operations on June 1st last year through its main branch at Seven Bahrat district of Damascus.
Adnan Ahmed Yousif, Chairman of the Board of Directors of Al Baraka Bank Syria and President and Chief Executive of Al Baraka Banking Group said that Al Baraka Bank Syria was the first ABG bank to be established since the inception of the Group in 2002 through the merger of the individual banks established by Sheikh Saleh Abdullah Kamel.
“In additions to furnishing and equipping its head office, the Bank had so far opened three branches, two in Damascus and one in Homs. Furthermore, another two branches one in Hama and one in Aleppo are expected to be opened during this month. The Bank will continue to implement its plan to expand its branch network to cover all Syrian governorates, initially to reach 10 branches by the end of 2011,” he added.
“Al Baraka Bank Syria convened its annual general meeting on 23rd April to discuss the directors’ report on the Bank’s business in 2010 and approve the financial statements of the Bank for year 2010,” he said.
Mohammed Halabi, Chief Executive Officer of Al Baraka Bank Syria, said that the Bank had passed through two stages in 2010, the first stage involved taking several steps in preparation for launching the operations of the Bank including the selection and hiring of qualified staff from amongst the best bankers in Syria.
“The majority of the Bank’s department heads were appointed during this stage and the number of employees reached 144 as at the end of 2010. The second stage began on 1.6.2010, the date on which the Bank commenced actual operation. During this stage, a number of steps were taken to ensure strong entry into the Syrian banking market.”
Halabi said that despite the short period since it started its operations and with only one branch amidst strong competition, the Bank was able to achieve reasonable results compared with the other banks, both conventional and Islamic, in the Syrian market.
“Al Baraka Bank Syria had a major competitive advantage over the other banks operating in Syria, in being a subsidiary unit of Al Baraka Banking Group which has presence in more than 13 countries through 400 branches. This will enable the Bank to provide excellent services to its customers, especially in the area of international trade by signing cooperation agreements with other Group units, beginning with Al Baraka Bank Turkey with which we have already signed such cooperation agreement,” he explained.